Princeton Global Asset Management LLC Sells 902 Shares of L3Harris Technologies Inc $LHX

Key Points

• Princeton Global Asset Management LLC reduced its holdings in L3Harris Technologies Inc by 22.4% in Q2, selling 902 shares and ending with 3,131 shares valued at approximately $785,000.
• L3Harris Technologies reported a Q2 EPS of $2.78, exceeding analysts' expectations of $2.48, with revenues of $5.43 billion, a 2.4% increase year-over-year.
• The company announced a quarterly dividend of $1.20, to be paid on December 5th, representing an annualized yield of 1.7% and a payout ratio of 53.63%.

Princeton Global Asset Management LLC decreased its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 22.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,131 shares of the company's stock after selling 902 shares during the quarter. Princeton Global Asset Management LLC's holdings in L3Harris Technologies were worth $785,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in LHX. Gold Investment Management Ltd. raised its stake in shares of L3Harris Technologies by 108.4% in the second quarter. Gold Investment Management Ltd. now owns 1,738 shares of the company's stock valued at $437,000 after acquiring an additional 904 shares during the last quarter. BankPlus Trust Department increased its holdings in L3Harris Technologies by 6.9% during the 2nd quarter. BankPlus Trust Department now owns 5,854 shares of the company's stock valued at $1,468,000 after purchasing an additional 379 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in L3Harris Technologies by 20.6% during the 2nd quarter. Janney Montgomery Scott LLC now owns 193,381 shares of the company's stock valued at $48,508,000 after purchasing an additional 33,019 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in L3Harris Technologies by 5.1% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,425 shares of the company's stock valued at $926,000 after purchasing an additional 216 shares during the last quarter. Finally, US Bancorp DE boosted its stake in L3Harris Technologies by 1.6% in the second quarter. US Bancorp DE now owns 344,112 shares of the company's stock worth $86,317,000 after purchasing an additional 5,526 shares in the last quarter. 84.76% of the stock is owned by institutional investors.

L3Harris Technologies Trading Down 0.1%

LHX opened at $283.89 on Monday. The firm has a 50 day simple moving average of $283.22 and a 200 day simple moving average of $256.04. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $308.12. The company has a market cap of $53.12 billion, a price-to-earnings ratio of 31.72, a price-to-earnings-growth ratio of 2.07 and a beta of 0.76. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. The firm had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The business's quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.24 EPS. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. On average, sell-side analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Monday, November 17th will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Monday, November 17th. L3Harris Technologies's dividend payout ratio is currently 53.63%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Robert W. Baird raised their price objective on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Susquehanna upped their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. Morgan Stanley raised their price target on shares of L3Harris Technologies from $250.00 to $350.00 and gave the company an "equal weight" rating in a report on Wednesday, October 15th. Finally, Citigroup upped their price objective on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $287.63.

Insiders Place Their Bets

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 83,000 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $279.90, for a total value of $23,231,700.00. Following the transaction, the chief executive officer owned 145,578 shares of the company's stock, valued at approximately $40,747,282.20. This represents a 36.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 195,138 shares of company stock valued at $53,571,774 over the last quarter. Corporate insiders own 0.72% of the company's stock.

About L3Harris Technologies

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.